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Longtime trader and billionaire hedge fund manager Paul Tudor Jones told CNBCs Squawk Box that hes sticking with bitcoin despite the regulatory pressures in the United States.

From the beginning, Ive always said that I want to have a small allocation [of bitcoin], Jones said. Its the only thing that humans cant adjust the supply [of].

Im sticking with it. Im always going to stick with it, he added.

Bitcoin (BTC) came up as a hedge against inflation in Jones conversation with Aaron Ross Sorkin. The two were previously discussing how quantitative easing and flat interest rates lasted all the way through 2021. Jones said this policy contributed somewhat to the banking failures in 2023.

Anyone that was listening to our Fed at that point in time was probably doing exactly what these banks did extending maturities because they were being told that inflation didnt exist, and when it finally did come, it was transitory and rates were going to be low forever.

Of course, inflation wasnt transitory with the CPI reaching a 40-year high of 9.1% in June 2022. Bitcoins price sank as low as $18,999.95 on July 13, 2022, the day the June CPI report was released.

Notably, Jones said the strategy of buying bitcoin and gold as an inflation hedge may be over if prices begin to moderate.

Additionally, bitcoin isnt without its risks, according to Jones. He cited the US regulatory regime as a major thorn in the side of the worlds first digital currency.

Bitcoin has a real problem because in the United States you have the entire regulatory apparatus against it, Jones said.

CNBCs interview with Jones made news because he said theres a good chance that the US could be on the verge of a recession by the third quarter based on recent financial episodes.

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Originally posted here:
Tudor Jones on Bitcoin: 'I've Never Sat on a Horse That Long' - Blockworks